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July 17, 2012

Openbucks Raises $4.8 Million For its Gift Card Payment Network

Openbucks logo 140x60px Openbucks announced the closing of a $4.8 million Series A funding round led by Yahoo co-founder, Jerry Yang, with the participation of Terry Semel, Greycroft Partners, BV Capital, Clearstone Ventures, Morado Ventures, Novel TMT Ventures, Inspiration Ventures, CrunchFund, SV Angel and TiE Angels.

The Openbucks Gift Card Payment Network enables consumers who don't have credit cards or a bank account, or who prefer to keep their financial information private, to pay for online goods and services using the gift cards of major retailers. The regular gift cards of Subway, CVS Pharmacy, Burger King, Shell, Circle-K and CITGO are now accepted through the Openbucks Network as a form of payment at thousands of online checkouts. This provides millions of unbanked and underbanked consumers, including teenagers, with a free, safe and convenient way to pay online using trusted brands.

JPMorgan Chase - Card Services 2Q2012 Financial Results

Chase logo 140px JPMorgan Chase has reported financial results for the second quarter 2012. Highlights for Card Services include:

  • Net income of $1.0 billion, a decrease of $80 million, or 7%, compared with the prior year. The decrease was driven by a lower reduction in the allowance for loan losses compared with the prior year.

  • Card Services net revenue as a percentage of average loans was 11.91%, compared with 12.60% in the prior year and 12.22% in the prior quarter.

  • Credit Card sales volume (excluding commercial cards) was $96.0 billion, up 12% compared with the prior year and 10% compared with the prior quarter; Card Services general purpose credit card sales volume growth has outperformed the industry since 1Q082.

Merchant processing volume was $160.2 billion, up 17% from the prior year and 5% from the prior quarter; total transactions processed were 7.1 billion, up 20% from the prior year and 4% from the prior quarter.

Tapingo Secures $3.5 Million Funding From Carmel Ventures

Tapingo logo 140x60pxTapingo, "a provider of a mobile commerce platform enabling students to use their phone to order and pay for food and goods at merchants on and around college campuses", announced that it has secured its first institutional financing round from Carmel Ventures.

Citi Reports 2Q2012 Financial Results

Citi logo 140px Citigroup has released financial results for the second quarter 2012. In its North American Consumer Banking sector, Citi reported that its Citi-branded cards revenues declined 8% to $2.0 billion versus the prior year period. Citi-branded cards loans also declined 3% from second quarter 2011

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